| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 36th | Fair |
| Amenities | 66th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7446 Alabama Ave, Canoga Park, CA, 91303, US |
| Region / Metro | Canoga Park |
| Year of Construction | 1996 |
| Units | 43 |
| Transaction Date | 1995-07-17 |
| Transaction Price | $95,909 |
| Buyer | ALABAMA COURT LP |
| Seller | GOLDE JACOBSON HELENE ANN |
7446 Alabama Ave Canoga Park Multifamily Investment
This 43-unit property built in 1996 benefits from strong neighborhood-level rental demand, with 84.4% of housing units renter-occupied and NOI per unit averaging $12,843 according to CRE market data from WDSuite.
The Canoga Park neighborhood demonstrates solid fundamentals for multifamily investors, ranking in the top quartile nationally for NOI per unit performance at $12,843 average. With 84.4% of housing units renter-occupied—placing it in the 99th percentile nationally—the area shows exceptional rental market depth that supports consistent tenant demand and occupancy stability.
Neighborhood-level occupancy sits at 93.5%, reflecting stable rental performance despite being slightly below the broader metro average. The median contract rent of $1,810 has grown 60.9% over five years, indicating meaningful pricing power while remaining accessible to the local renter base. Demographics within a 3-mile radius show a median household income of $94,932 with projected growth to $120,215 by 2028, supporting rental affordability and tenant retention.
The property's 1996 construction year aligns closely with the neighborhood average of 1976, positioning it as newer stock that should require less near-term capital expenditure compared to older competing properties. Home values averaging $596,661 with strong appreciation trends help sustain rental demand by keeping ownership costs elevated relative to renting options, reinforcing the multifamily tenant pool.
Amenity access supports tenant appeal with high-density retail including 10.09 grocery stores per square mile (99th percentile nationally) and 23.55 restaurants per square mile (97th percentile). The neighborhood also provides extensive childcare options at 6.73 facilities per square mile, ranking in the 99th percentile nationally, which appeals to family renters in this market.
Safety metrics show mixed but improving trends for the Canoga Park neighborhood. The area ranks 341st among 1,441 metro neighborhoods for overall crime, placing it above the metro median and in the 77th percentile nationally. Property offense rates have declined dramatically by 81.8% year-over-year, ranking in the 98th percentile nationally for improvement trends.
Violent crime rates are relatively moderate at 16.5 incidents per 100,000 residents, with the neighborhood ranking in the 62nd percentile nationally. More notably, violent offense rates have dropped 97.4% year-over-year, representing exceptional improvement that ranks in the 100th percentile nationally for crime reduction. These declining trends suggest positive neighborhood trajectory that can support tenant retention and property values.
The Canoga Park area benefits from proximity to major corporate employers, providing workforce housing opportunities for professionals in insurance, healthcare technology, and energy sectors.
- Farmers Insurance Exchange — insurance headquarters (1.5 miles) — HQ
- Thermo Fisher Scientific — healthcare technology (1.8 miles)
- Thermo Fisher Scientific — healthcare technology (1.9 miles)
- Occidental Petroleum — energy headquarters (13.5 miles) — HQ
- AECOM — engineering services headquarters (14.6 miles) — HQ
This 43-unit Canoga Park property presents a compelling multifamily investment opportunity anchored by exceptional rental market fundamentals. The neighborhood's 84.4% renter-occupied housing share ranks in the 99th percentile nationally, creating deep tenant demand that supports occupancy stability. Built in 1996, the property benefits from newer vintage relative to the area average, reducing near-term capital expenditure requirements while maintaining competitive positioning in the local market.
Population growth within a 3-mile radius is projected to continue through 2028, with household income expected to rise 26.6% to $120,215, supporting rental affordability and lease renewal rates. The area's declining crime trends, including an 81.8% reduction in property offenses, indicate positive neighborhood trajectory. However, investors should monitor the rent-to-income ratio of 0.33, which ranks in the 4th percentile nationally, suggesting potential affordability pressure that may require careful lease management and renewal strategies.
- Strong rental demand with 84.4% renter-occupied units (99th percentile nationally)
- Above-average NOI performance at $12,843 per unit (90th percentile nationally)
- Newer 1996 construction reduces near-term capital requirements
- Projected household income growth of 26.6% supports rental affordability
- Risk: Low rent-to-income ratio (4th percentile) may pressure renewals and require lease management focus